The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Roth IRA||Date: 10/3/1997 12:16 PM|
|Author: TMFTaxes||Number: 446 of 120796|
<<How does one designate a contribution/investment 'Roth IRA'?>>
I'm sure that you will have separate paperwork to complete with the financial institution in question. Since the Roth provisions don't become effective until 1998, it is a little early to know exactly. But you can be assured that the paperwork that you complete with the bank/brokerage firm will specifically identify the contribution and/or rollover.
<<I have a f-f portfolio, and would like to use this for retirement?>>
Is this a question or a statement? Nothing will prohibit you from using the Foolish 4 in a Roth IRA account.
<< What about account keeping? Does someone audit these?>>
Since how the funds "earn" within the IRA (either Roth or regular)is immaterial, so the recordkeeping is not as stringent as you are used to. And yes, it is possible that the IRA will be subject to audit. But the questions that will be asked will deal with the eligilibility of the contribution/rollover, and NOT how the funds had grown.
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